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Various characteristics of IT systems can present special audit risks.Explain each of the following characteristics of an IT system and the special audit risks that they present.
a.Database system.
b.Cloud Computing.
c.End user computing.
Percentage Method
A way of calculating federal income tax withholding using percentage tables based on an employee's taxable income and filing status.
Federal Income Tax
A tax levied by the Internal Revenue Service on the annual earnings of individuals, corporations, trusts, and other legal entities.
Withholding Allowance
A predetermined amount of pre-tax income exempt from federal income taxes, directly affecting the amount of tax withheld from an employee's paycheck.
Withholding Allowances
Designations that individuals can claim to reduce the amount of their income that is withheld for tax purposes, affecting the size of their paychecks and yearly tax liabilities.
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